By Gabriel Ani
ABUJA, Nigeria — President Bola Tinubu on Thursday lauded investors and capital market stakeholders as the Nigerian Exchange (NGX) surpassed a historic N100 trillion market capitalization threshold, calling the achievement a “strong signal of renewed confidence” in the nation’s economy.
In a statement issued by Bayo Onanuga, special adviser on information and strategy, the president characterized the milestone as the emergence of a “new economic reality” intended to inspire increased local investment.
The NGX All-Share Index closed 2025 with a return of 51.19%, outperforming the 37.65% recorded in 2024. The performance surpassed major global benchmarks, including the S&P 500 and the FTSE 100, as well as several emerging markets within the BRICS+ group.
“Nigeria is no longer a frontier market to be ignored,” Tinubu said. “It is now a compelling destination where value is being discovered.”
Improving Fundamentals
The president attributed the market surge to resilient banking sector performance and industrial firms localizing their supply chains. He also revealed a “robust pipeline” of upcoming listings, including indigenous energy, technology, and telecommunications firms.
Beyond equities, Tinubu highlighted a steady decline in inflation as evidence of successful macroeconomic reforms. After peaking at 34.8% in December 2024, inflation dropped to 14.45% by November 2025. Projections suggest the rate could fall to 12% in 2026.
He credited the improvement to tighter monetary policy, the end of distortionary “Ways and Means” central bank financing, and increased agricultural investment.
Trade and Reserves Growth
The president’s optimistic outlook extended to Nigeria’s trade balance and foreign reserves. Non-oil exports grew 48% by the third quarter of 2025 to N9.2 trillion, while manufacturing exports rose 67% year-on-year in the second quarter.
The Central Bank of Nigeria (CBN) projects the current account surplus will rise to $16.94 billion for 2025. Additionally, foreign reserves have crossed the $45 billion mark and are expected to exceed $50 billion by the first quarter of 2026.
“As your leader, I pledge to continue working unrelentingly to build an egalitarian, transparent and high-growth economy,” Tinubu said.
The president noted that these gains would be further supported by historic tax and fiscal reforms that took full effect on Jan. 1, 2026. He also pointed to ongoing infrastructure projects, such as the Lagos–Calabar and Sokoto–Badagry superhighways, as catalysts for future commercial growth.
